Wells Fargo Cash Wise Review: 1.5% Cash Back & Cell Phone Protection

Finding a good rewards credit card that will work for you is a good idea. There are a plethora of different options at this point, but some credit cards stand out as being particularly useful. One credit card that many people are turning to is the Wells Fargo Cash Wise Visa credit card. This is a good standard rewards card that offers you some good features and benefits.

If you want to sign up for a rewards credit card that is going to be useful in multiple ways, then this one is likely to appeal to you. It is one of the premier cash back credit card options on the market. With such stiff competition out there in the cash back credit card market, can this card truly stand out on its own? Take a look as we examine everything about this card in detail.

wells fargo cash wise review

It is always smart to dig into the details of any credit card before you decide to apply. Look at all of the features that the Wells Fargo Cash Wise card has to offer. It just might be a card that will be a useful addition to your wallet. Either way, you will be able to make an informed decision after seeing what it brings to the table.

Wells Fargo Cash Wise

$150 cash rewards after spending $500 in the first 3 months.
You'll earn 1.5% cash rewards on purchases.
Earn 1.8% with mobile wallet purchases in the first 12 months (ie: Apple Pay, Google Pay)
Cell phone protection. ($25 deductible)
No annual fee.
This is a great cash back card. It has no annual fee and also offers great cell phone protection.

Wells Fargo Cash Wise Credit Card Fees

One of the first beneficial things that you will notice is that the Wells Fargo Cash Wise credit card does not come with any type of annual fee attached. This makes it a lot easier for anyone who is on the fence to consider signing up. It is always nice to be able to make use of a credit card that avoids annual fees. You won’t feel like you are wasting money if you don’t use the card often enough, so it should work out fine for most people.

Aside from this, the credit card also offers a good introductory APR. The introductory APR will last for 12 months, and you will not have to worry about interest so much for a little while. This is good for both new purchases and balance transfers, too. This means that this card does have some uses as a pure balance transfer card, so some people might be able to save some money through transferring the balance of other cards to this one.

Once the introductory APR period of over, you will be dealing with a fairly standard APR. The rate that this card offers falls within a very reasonable range, and it is not really good or bad. It is just an average rate that likely will not pull your opinion of the credit card one way or the other. Being able to enjoy a standard APR on a fairly lucrative cash rewards credit card is a good thing, though.

There are a few fees that you will need to look out for when using this credit card. For instance, there is a balance transfer fee of 3% for the first 120 days. After this initial 120 days, the balance transfer fee is set at 5%. You will be better off doing any balance transfers early to avoid the higher fee.

Another fee to be aware of is the foreign transaction fee. If you make any purchases outside of the country using this credit card, then you will be charged a 3% fee. A 3% fee on each transaction is pretty standard as far as foreign transaction fees go. Regardless, this is something to be aware of, and you will want to keep it in mind if you travel outside of the country regularly.

Features of the Wells Fargo Cash Wise

One of the most notable things about the Wells Fargo Cash Wise credit card is that it offers a pretty big and obtainable sign-up bonus. For spending a certain amount of money within the first three months, you will be able to get a nice cash bonus. This is a pretty simple bonus to qualify for, so most people are going to get it so long as they use the credit card somewhat regularly. It may not be a good enough reason to sign up for the card when taken by itself, but it is a good feature that helps to make being a cardholder seem worthwhile.

An interesting feature of this credit card that may appeal to you is being able to choose your own due date. Sometimes people struggle with certain due dates because of when they get paid. You will be able to set up a due date that is agreeable to you when using this card. This should make it simpler to make your payments on time every month and is a very customer-friendly option. It helps many people to avoid overdrafts and other negative consequences, so it is certainly a welcome feature.

It also gives you the convenience of being able to redeem rewards that you have earned at an ATM. This is not something that most cash back credit cards are capable of doing. It is one unique feature that helps this card to stand out and have its own identity. If this appeals to you, then it may be worth considering whether or not this card deserves a spot in your wallet.

Benefits of the Wells Fargo Cash Wise

The Cash Wise credit card has a few interesting benefits that make it worthwhile to be a cardholder, too. One of the most interesting benefits is the quality cell phone insurance that this card offers. You will be able to make use of up to $600 in cell phone insurance. This insurance can protect you when your phone is damaged or stolen.

In order to make use of this convenient cell phone insurance option, you will need to pay for your monthly phone bill with your credit card. This will allow the insurance to kick in, and you will feel a lot safer about your expensive cell phone. With the price of cell phones being very high these days, having this protection is going to prove to be useful. You can use the insurance when necessary, and the deductible is only $25.00, which makes it easy to take advantage of this when you are in need.

The other benefits of this card are fairly standard and may not impress you as much. This card does not offer quite as many perks as other credit cards with similar cash back rewards rates. If this matters to you, then you may be disappointed by the lack of certain benefits. The cell phone insurance option is honestly more useful than many other benefits that you get with other cards, so it is a bit of give and take here.

wells fargo cash wise cell phone protection

Rewards Program Info

As the card name says, the Wells Fargo Cash Wise is a cash back rewards credit card that is going to appeal to many people. You will be able to earn 1.5% cash back on every single purchase that you make. There is a beneficial exception to this rule that you can take advantage of for a little while. If you are willing to make purchases using the mobile wallet, then you can enjoy a slightly increased cash back rate for the first 12 months.

During the first 12 months of being a cardholder, you will be able to enjoy 1.8% cash back rewards when purchasing items using the mobile wallet. This means that purchases made through Apple Pay and Google Pay will wind up giving you increased rewards during this period of time. Being that most people use these mobile wallets for various things, it could become quite lucrative for you. It may not be a gigantic increase in cash back rewards, but it can still add up over time.

Luckily, you do not have to worry about bonus categories or anything of that sort when using this credit card. All of your purchases are going to get you at least the 1.5% cash back rewards that you are desiring. This means that you can get cash back by purchasing groceries for your home, and you can also use it to pay for car repairs. Using the card as you see fit will provide you with the same rewards potential.

When it comes to redeeming the rewards that you have earned, there are some convenient features and one thing that may be a hindrance to some. The hindrance is that you will need to meet a minimum redemption amount in order to redeem your rewards. This is pretty normal, but you will have to redeem the rewards in set currency amounts. The fact that you can redeem the rewards at an ATM makes things a bit more convenient for you, though.

When you visit the ATM, you will be able to redeem your cash rewards in increments of $20.00. The minimum redemption amount is thus set at $20.00 for the ATM. The minimum redemption amount is higher when you use other methods. If you redeem your rewards online or over the phone, then the amount is set at $25.00. This money can be deposited into your account, or it can be sent in the mail via a paper check.

The Pros

  • Good cash back redemption rate
  • Introductory APR is good
  • No annual fee
  • Can redeem rewards at the ATM
  • No bonus categories to worry about
  • Cellphone insurance

There are many good things about this card that make signing up worthwhile. It has a good cash back redemption rate of 1.5%. This may seem like a fairly standard rate, but you will be earning it on all of your purchases. It will be up to you to decide how to use your credit card. Not having to concern yourself with any cumbersome bonus categories is going to feel very nice.

The introductory APR of this credit card is really appealing, too. You can avoid interest and use this card as a balance transfer card if you wish to. It can be an effective tool for you and will prove to be especially helpful during this 12-month period of time. After this, the APR will be fairly standard and unoffensive.

You will not need to worry about any type of annual fee when you apply for this card. Not having to pay out any of your hard-earned money to the credit card company annually is a good thing. This makes it easier to justify signing up, as you won’t have to earn enough rewards to justify any type of high fee. There are other fees to consider, but these can be avoided, depending on how you decide to use the credit card.

Being able to redeem your cash back rewards at the ATM is a really nice touch, too. You can simply walk up to the ATM and withdraw rewards in increments of $20.00. This makes getting your rewards easy and fast. It is a lot better than having to wait for a check in the mail, so you may wind up using this feature pretty often.

Lastly, the cell phone insurance that is offered is very nice. Being able to have your cell phone covered for up to $600.00 will come in handy. You can use this money to replace an expensive phone when it is stolen or damaged. All you have to do is pay for your monthly cellphone bill with your credit card, and this protection will be yours.  

The Cons

  • Balance transfer fees
  • Foreign transaction fees
  • Minimum reward redemption amounts
  • Lack of certain benefits

Some of the fees that are associated with this credit card will be a bit of a nuisance for some people. The balance transfer fees are set at 3% for the first 120 days, and then they move up to 5%. This makes balance transfers less practical for many people. You will have to keep the fees in mind when you are considering transferring a balance.

Foreign transaction fees will also be a negative aspect of this card to keep in mind. If you travel outside of the country regularly, then you may want to avoid using your credit card. The 3% foreign transaction fee on each purchase will add up quickly. Be careful when traveling outside of the country so that you can avoid wasting money.

Minimum rewards redemption amounts may wind up frustrating some people, too. You need to redeem your rewards in increments of $20.00 or $25.00, depending on how you are redeeming things. There are going to be people who do not find this to be convenient. It is not too unusual, though, so understand that many cards have minimum rewards redemption amounts.

The lack of certain benefits may throw people off, too. The only big perk for signing up for this card is going to be the cell phone insurance. If this does not appeal to you, then the benefits of other cards may be more worthwhile. This really comes down to personal preference and what you think will be useful to you.

wells fargo cash wise

Credit Score Needed for Approval

Getting approved for this card is going to require a very good credit score. You will need a score that falls in the good to excellent range. 690 or higher is the recommended number. You will benefit from ensuring that your credit score is at least this high before applying.

Who Does The Wells Fargo Cash Wise Credit Card Appeal To Most?

A credit card like this appeals to many different people. It is a great everyday type of credit card, as it will allow you to earn cash rewards on all of the purchases that you make. People who are just looking for a credit card to use for gas and groceries will really like this card. It can work nicely as a card that is reserved for bigger purchases, too.

People who dislike having to use cumbersome bonus rewards categories will like this credit card. There are no bonus categories to worry about, and you can simply use your card. Not having to use the card in specific ways to maximize your rewards takes the stress out of the experience. If you want a simple credit card that offers you good rewards earning potential, then this card should appeal to you.

An Alternative Card to Consider

An alternative that you may wish to consider is the [earnist_link ref=”chase-freedom-unlimited-card” id=”6346″]Chase Freedom Unlimited[/earnist_link] Credit Card. This is a credit card that also offers you a convenient cash back rewards experience. It will give you 1.5% cash back on all of your purchases and also has no annual fee. It may be preferable in several other areas, too.

See our full review of the Chase Freedom Unlimited.

For example, this Chase card offers a different set of benefits that are a bit more standard. If you find the Wells Fargo Cash Wise to be lacking in this way, then the [earnist_link ref=”chase-freedom-unlimited-card” id=”6346″]Chase Freedom Unlimited[/earnist_link] card may be a better bet. It comes down to what you want out of your credit card. The Chase card has higher rewards potential due to being able to be paired with the Chase Ultimate Rewards program, so keep that in mind before proceeding.

Decision Time: Is the Cash Wise the Card for You?

Overall, the Wells Fargo Cash Wise card is a good option to consider. It seems like a pretty typical cash back credit card at first glance, but it does stand out in several ways. Being able to redeem rewards at the ATM is a nice feature, and you will also enjoy the cell phone insurance that it offers. If you need a reliable credit card to use for everyday purchases, then this one will not disappoint.

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